SCC slashes damages award against Deloitte, cuts scope of auditor’s liability in Livent case

By Cristin Schmitz ( December 20, 2017, 5:21 PM EST) -- In a 4-3 decision on the liability of auditors for negligent misrepresentation, the Supreme Court has slashed from $85 million to $40.5 million (plus interest) the damages that Deloitte LLP must pay to the receiver of its former client, Livent Inc., for negligently auditing the now-insolvent Toronto live entertainment company that was bedevilled by fraud....